Entrepreneurial Finance Assignment 1 - 2511 Words

Entrepreneurial finance assignment 1 Problem 4.4. Introduction The CAPM model can be used to analyze the performance of a portfolio of investments. The model should be calculated by comparing the return of assets (Ri) minus the return of risk-free cash (Rf) of the fund against those numbers of a known index with historical data (Rm). With least-squares regression, a straight line has to be drawn through the points to finish the model. Alpha represents the point where the graph starts and beta the slope of the regression line. Alpha is the number that represents the fact of how well the fund did against the CAPM model. A positive alpha means the fund did better than CAPM predicted and negative the opposite. R ² represents the ‘fit’†¦show more content†¦This results in an adjusted regression equation defined as: Because the model used to calculate the regression does not entail the stale value problem, we consider the concern of Bonnie as valid. (c) Chris thinks that this model does not properly adjust for the high probability of failure for VC investments. This concern is invalid. The unexpected portion of the return (and thereby referring to the higher risk) is represented by alpha. A higher alpha means that the portfolio performance was better than the original CAPM model. A lower alpha means that the performance was worse. (d) Dave thinks that this model does not properly adjust for the illiquidity of VC investments. This concern is valid. Dave refers to one of the other three interpretation problems of CAPM results; liquidity risk. Investors may require a premium for illiquid investments. They refer to it that investments that are illiquid are more risky. The model presented by the management team does not take this risk into account. To overcome this, the management team should use the Pastor-Stambaugh model (adjustment 2 of the CAPM model) which takes the size (of the company), value (growth prospects) and liquidity risk of an investment into account. This model is defined as: (e) Ellen thinks something else is wrong, but she can’t put her finger on it. Ellen could be thinking of another points, that the model is not adjusted for ‘styleShow MoreRelatedEntrepreneurial Finance Assignment 12519 Words   |  11 PagesEntrepreneurial finance assignment 1 Problem 4.4. Introduction The CAPM model can be used to analyze the performance of a portfolio of investments. The model should be calculated by comparing the return of assets (Ri) minus the return of risk-free cash (Rf) of the fund against those numbers of a known index with historical data (Rm). With least-squares regression, a straight line has to be drawn through the points to finish the model. Alpha represents the point where the graph starts and betaRead MoreIncommendations1292 Words   |  6 PagesEconomic recommendations 4.3 The availability of finance support from the government The researcher suggests that government should provide support in terms of finance for the young people in order to develop Indonesia’s economy and encourage competition and innovation among the youth. The researcher recommends government to create a program that providing funds for impressive business plan from young entrepreneurs. This program should provide sufficient funds require for young entrepreneurs to startRead MoreWork capital simulation1130 Words   |  5 Pagesï » ¿Working Capital Assignment This assignment is an individual assignment. Each student is required to complete two runs of the Working Capital Simulation. The simulation site is https://cb.hbsp.harvard.edu/cbmp/access/20227364 (Cost: $12.50). Use the attached instructions to get started. 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The Law On local self-government and local state administration States that the norms of deductions from national taxes should be installed 1 timeRead MoreAnalyzing Financial Statements Essay examples966 Words   |  4 Pages 1.11 Include the current ratio, long-term solvency ratio, contribution ratio, programs and expense ratio, general and management and expense ratio, fund-raising and expense ratio, and revenue and expense ratio calculated in the Week Four Assignment. 2002 Current Ratio: .75 Long Term Solvency Ratio: 1.26 Contribution Ratio: .53 Programs and expense ratio: 1.00 General/ management/expense ratio: .30 Revenue and Expense ratio:Read MoreAcer, Inc. – Taiwan’s Rampaging Dragon1432 Words   |  6 PagesMultitech International with a $25,000 initial investment. They started by designing hand-held electronic games, and then expanded into the distribution of imported semiconductors. Shih renamed his company Acer Inc. in 1981† (Net Industries, 2007. pg. 1). Acer began making PC clones and components that were sold to larger companies with strong brand names. In 1989 projections indicated the company was overextended. Shih hired Leonard Liu away from the International Business Corporation (IBM) and steppedRead MoreChapter 1 Assignment #1 Capt. 1 Exercises 14, 17, 20, 22, 23654 Words   |  3 PagesAssignment #1 Capt. 1 exercises 14, 17, 20, 22, 23 Assignment #1 Capt. 1 exercises 14, 17, 20, 22, 23 1-14 Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special occasions. Since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. 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Environmental Risk Assessment Of Pipelines Environmental Sciences Essay Free Essays

The aims of this survey are to analyze the function of ESI for hiting the hazards posed by grapevines to the environment every bit good as to bespeak the hazard tonss in location-based maps. A comparative semi-quantitative attack based on land utilizations and High-Value Areas ( HVAs ) was carried out. A geographical information system ( GIS ) as a tool was employed to make fresh maps related to environmental hazards utilizing rational mathematical equations. We will write a custom essay sample on Environmental Risk Assessment Of Pipelines Environmental Sciences Essay or any similar topic only for you Order Now The chief logic for utilizing the equations was the distance-based attacks and ESI every bit good as intersections. A hazard geographical map based on the ESIs and concluding hazard mark ( FRS ) is presented with consequences demoing that the most sensitive and bad country is an country comprised of Rhizophora mangle forested flora located in the grapevine locality. It is shown that mapping the hazards of grapevines with the applied method is of more dependability and convenience every bit good as comparative fullness in comparing to show non-holistic methods for measuring the environmental hazards of grapevines. Hazard is the badness of the effects of a risky activity sing its chance of happening ( Jafari et al. , 2010a, B, degree Celsius, vitamin D ) . Pipeline failures can potentially do terrible amendss. Environmental hazard appraisal ( ERA ) involves the scrutiny of hazards ensuing from natural events ( deluging, utmost conditions events, etc. ) , engineering, patterns, procedures, merchandises, agents ( chemical, biological, radiological, etc. ) and industrial activities that may present menaces to ecosystems, animate beings and people ( Belluck and Sally, 2001 ; Anonymous, 2004 ) . Hazard directors may make up one’s mind, for illustration, that estimated hazards are acceptable, and no action is required, or that hazards are excessively high and require redress, extenuation, ordinance, decrease, or prohibition ( Belluck and Sally, 2001 ) . 1.2. Environmental sensitiveness index ( ESI ) Environmental Sensitivity Indices ( ESI ) composed of many field-data is indispensable for monitoring and control systems ( Schiller et al. , 2005 ) . Mok Kang ( 2002 ) has carried out a sensitiveness analysis of the Korean composite environmental index ( CEI ) by analyzing the CEIs computed by functional signifiers and those derived from sentiment studies, with a particular accent on the appraisal of weights of environmental indexs and subjects: the CEIs are based on environmental subjects and force per unit area indexs. NOAAaa‚ ¬a„?s ( National Oceanic and Atmospheric Administration ) Environmental Sensitivity Index ( ESI ) attack consistently compiles information in standard formats for coastal shoreline sensitiveness, biological resources, and human-use resources. ESI maps are utile for placing 47 sensitive resources before a spill occurs so that protection precedences can be established and cleanup schemes designed in progress. Using ESIs in spill response reduces environmental effects of the spill and killing attempts ( NOAA, 2008a ) . Environmental Sensitivity Index ( ESI ) maps have been an built-in constituent of oil-spill eventuality planning and response since 1979, when the first ESI maps were prepared yearss in progress of the reaching of the oil slipperinesss from the IXTOC 1 good blowout in the Gulf of Mexico. Since that clip, ESI Atlass have been prepared for most of the U.S. shoreline, including Alaska and the Great Lakes Before 1989, traditional sensitiveness maps were produced as colour paper maps, with limited distribution ( because of the cost of reproduction ) , and without a agency for ready updating. However, since 1989, ESI Atlass have been generated from digital databases utilizing Geographic Information System ( GIS ) techniques. As the oil-spill response community moves towards development of machine-controlled sensitiveness maps, it is of import to specify what comprises the ESI function system and how this information is being developed and distributed utilizing GIS engineering ( NOAA, 2008b ) . 1.3. ESI in grapevine hazard appraisal For the initial stages of hazard direction, a rigorous definition of environmentally sensitive countries might non be perfectly necessary. A working definition by which most people would acknowledge a sensitive country might do. Such a on the job definition would necessitate to turn to rare works and animate being home grounds, delicate ecosystems, impacts on biodiversity, and state of affairss where conditions are preponderantly in a natural province, undisturbed by adult male. To more to the full distinguish sensitive countries, the definition should besides turn to the ability of such countries to absorb or retrieve from taint episodes ( Muhlbauer, 2004 ) . In the United States, a definition for high environmental sensitiveness includes intake locations for 70 community H2O systems, wetlands, riverine or estuarial systems, national and province Parkss or woods, wilderness and natural countries, wildlife saving countries and safeties, preservation countries, precedence natural heri tage countries, wild and scenic rivers, land trust countries designated critical home ground for threatened or endangered species and federal and province lands that are research natural countries ( Stansbeny, 1995 ) . These country labels fit specific definitions in the US regulative universe. In other states, similar countries, possibly labeled otherwise, will no uncertainty be ( Muhlbauer, 2004 ) , as it is so for Iran with more focal point on IUCN classs of protected countries. Shorelines can be particularly sensitive to grapevine spills. Specifically for oil spills, a superior system for impact to shore-line home grounds has been developed for estuarian, lacustrine, and riverian parts ( NOAA, 1994 ) . As an illustration of an appraisal 80 attack, an rating of a gasolene grapevine in the United Kingdom identified, weighted, and scored several critical factors for each grapevine section. The environmental evaluation factors that were portion of the hazard appraisal included ( Muh lbauer, 2004 ) : Land screen type ; Distance to nearest lasting surface H2O ; Required surface H2O quality to prolong current land usage ; Conservation value ; Habitat preserves ; Habitats with longer lived biology ( forests, vineries, groves, gardens ) ; Slope ; Groundwater ; Rock type and likeliness of aquifer ; permeableness and deepness to bedrock every bit good as distance to groundwater extraction points. This appraisal included consideration of costs and troubles associated with reacting to a leak event. Points were assigned for each feature and so grouped into qualitative forms ( low, moderate, high, really high ) ( Morgan, 1995 ) . Schiller et al. , ( 2005 ) presented an algorithm which emulates human expert-decisions on the categorization of sensitiveness categories. This will allow the necessary regular updates of ESI-determination when new field informations become available utilizing automated 92 categorizations processs. Showing a survey on sensitiveness analysis, Hadi d and Afra ( 2000 ) carried out a numerical sensitiveness analysis of the site 93 consequence on dynamic response of grapevines embedded in some idealised dirt sedimentations resting on a half infinite covering a broad scope of dirt profiles encountered in pattern and subjected to vertically propagating shear moving ridges. A paper described how HSE has piloted a Geographic Information System ( GIS ) by Brazier and Greenwood ( 1998 ) . To back up the adept determination doing procedure and to help in guaranting consistent responses within statutory deadlines. It considers both the advantages and disadvantages of a GIS over more conventional methods every bit good as possible developments such as the usage of population informations in sing social hazards, biological restraints and 3D terrain function. 1.4. Equivalencies of receptors A trouble in all hazard appraisals is the finding of a harm province on which to establish frequency-of-occurrence estimations. This is farther complicated by the normal presence of several types of receptors, each with different exposures to a menace such as thermic radiation or taint. The overall trouble is sometimes addressed by running several hazard appraisals in analogue, each matching to a certain receptor or receptor-damage province. In this attack, separate hazard values would be generated for, as an illustration, human deaths, hurts, groundwater taint, belongings harm values, etc. The advantage of this attack is in gauging absolute hazard values. The disadvantage is the extra complexness in mold and subsequent determination devising. Another attack is to allow any particular exposure of any threatened receptor govern the hazard appraisal. There is a protocol for grouping assorted receptor impacts into three sensitiveness countries: normal, sensitive, and allergic. This was developed to execute an environmental appraisal ( EA ) of a proposed gasolene grapevine. Under this classification, an country was judged to be sensitive or allergic if any 116 one of the receptors is defined to be sensitive or allergic. This conservatively uses the worst instance component, but does non see cumulative effectsaa‚ ¬ † when multiple sensitive or allergic elements are present. A 3rd option in uniting assorted receptor types into a hazard appraisal is to set up equivalencies among the receptors: This attack might be more controversial because judgements are made that straight value certain types of receptor amendss more than others. Note, nevertheless, that the other attacks are besides faced with such judgements although they might be pushed to the determination stage instead than the assessment stage of hazard direction. This attack presents another possible marking strategy for some environmental issues and HVAs. In this strategy, the higher tonss repre sent higher effects. This establishes some equivalencies among assorted environmental and other receptors, including population denseness ( Muhlbauer, 2004 ) . How to cite Environmental Risk Assessment Of Pipelines Environmental Sciences Essay, Essay examples

New Accounting Treatment

Question: Explain on new accounting treatment for leases under IFRS 16 that affects tenants in entering into debt convenants with creditors. Answer: Implementation of IFRS 16 leases depends largely on the debt convenants as well as cost of borrowing factors that needs attention as far as possible. It leads to changed lease accounting as well as fails in affecting level of commitments in paying cash (Spiceland, Thomas and Herrmann 2011). It helps in considering matters by the lenders as well as understanding their economic position of business firms. It depends upon the terms and conditions in case of future debt convenants for changed lease accounting standards for the same. Implementation of new rule in form of IFRS results in effective decision-making process in the near future. Addition to that, debt hypothesis indicates concepts relating Positive Accounting theory for future analysis purpose (Shim, Siegel and Shim 2012). It gets violated as per debt convenants as per accounting matters. Firm manager intends in selection of accounting procedures as well as shifting from earnings future with specified period in an overall manne r. It includes terms and conditions for future debt convenants. It brings changes for anticipation of IASB in distinguishing between true economic changes as well as accounting changes in the near future (Scott 2012). Possible social and economic consequences resulting in adoption of IFRS 16 Leases It is necessary to view at the possible social as well as economic consequences in resulting adoption of IFRS 16 leases. It aims at recognizing right use of assets in accordance with lease liabilities in the most appropriate way (Scott 2011). As far as accounting change is concerned, it deals with defining accounting principles as well as reporting entities and accounting estimates at the same time. It indulges in changed accounting principles as mentioned in the accounting method for future analysis purpose. It addresses usage of various types of depreciation methods like LIFO and FIFO methods (Schroeder, Clark and Cathey 2011). It indulges in adequate changes by the accountants working in an organization. It needs to disclose on matters relating to accounting changes as per the notes to financial statements. It provides extreme help to the shareholders in analyzing with the financial position of business firm in an accurate manner. Total amount of liquidity involves decreases cash allocation for decreased standard of living. It affects the cash flow cycle for fewer amounts of cash and inflation brought in the society. An increased ratio lowers the cash amount that affects society as a whole. It mainly takes into consideration on various financial metrics for tenants and lower return on assets for future analysis purpose (Riahi-Belkaoui 2012). Relation to objectives and qualitative characteristics of general purpose of financial reports as stated in conceptual framework in AASB General purpose of financial reporting renders financial information for reported entity. It aims in providing reliable information especially to the potential as well as existing investors, lenders and creditors. It indulges in several qualitative characteristics that are faithful representation as well as provides relevance in decision-making process (Libby, Libby and Short 2011). It includes enhancing qualitative characteristics like verifiability, timeliness as well as understands ability and comparability in the most appropriate way. Identification of positive theory and explanation with examples Positive accounting theory is identified in the particular question for bringing actual accounting practices for future analysis purpose. Implementation of positive accounting theory are kept in optimal condition as well as prescribed in desired ways (Hendriksen and Van Breda 2012). Positive accounting theory counts from the perspective of modern theory on accounting. It helps in guiding selected accurate accounting practices in case of specified products as well as services in an overall manner. Positive accounting theory establishes methods for transactions in case of ascertainment of accounting theories in giving permission for practical course of action. For instance, positive accounting theory occurs when managers of specific industry studies for predicting the accounting theories (Glautier, Morris and Underdown 2011). Managers need to select positive accounting theory for using for specified situation in an effective way. Positive theories examples include stakeholder theory as well as legitimacy theory in an accurate form. Positive accounting theory determines in realistic assets as well as liabilities values in representation of general financial condition of business enterprise (Freeman 2011). Discussing relation between positive and normative theories Positive theories Normative theories Positive theories fail in guiding business entities with respect of application of accounting theories. It aims at analyzing particular accounting theory for specified industry based upon current market situation. It establishes explaining on particular industry for future reference purpose. This theory fails in suggesting ways that accounting theories runs under successful business in the near future (Feldmann and Rupert 2012). Normative theories aim at taking fundamental unique approach. This particular theory fails in looking at the current situation of any company. It mainly aims at guiding ways in accordance with accounting policies (Dyckman, Magee and Pfeiffer 2011). It undertakes making strategies and application of theoretical principle in an overall manner. Examples of Positive theories of accounting From the real-world examples, it is noticed that positive theories of accounting is used for explaining past financial events and causes of business individual current financial standing. Wesfarmers makes use of positive theories of accounting in making the assumptions from past financial statements. This particular company determines on operating net loss requirements as per accounting practices. It compares actual revenues with actual expenses for specified period. It typically used for construction of financial documents like balance sheet, cash flow statements. Examples of Normative theories of accounting Woolsworth is an Australian Listed Company that uses normative theories for setting economic policies based upon the theories. Woolsworth mission statement as well as market strategies in business plans as reflected in the normative statements. Discussion on professional judgment allowed as per accounting standards and poses material impact on reported profits It is important to understand the fact that professional judgment establishes in the accounting standards and fails in gaining material impact for reported profits. It becomes judgment by the professional auditors for analyzing ways in gaining information on matters relating to material misstatement in the financial statements (Duska, Duska and Ragatz 2011). Professional auditors should be ethical in making judgment and maintain quality of audit reports at the same time. Process of judgment should be held in accordance with framework as well as proper documentation on justification of judgment in an overall manner. On critical analysis, it is noticed that professional judgment plays an important role for item measurement as presented in the financial statements. It includes transactions presented in financial statements in judging free from materiality and estimation of ascertaining of accounting in any form. Judgement should be carried forward after gathering relevant information an d proceed with proper analysis in the most appropriate way (Devi and Hooper 2011). Example: In case of asset recognition, business entity in beverage business and brand name known in and throughout the world. It includes products command on premium prices as well as product names represented on future economic benefits. In case of liabilities, it measures substantial degree of estimation. It includes provision for payments as well as under existing warranties for covering pension obligations. Australian Accounting Conceptual Framework issued by AASB highlights stewardship, decision usefulness or both On critical analysis, it is noticed that accounting information has increased demand as it helps in decision making process and stewardship at the same time. It helps in evaluating accounting information in case of stewardship plays an important role in the current scenario. Stewardship is a concept presented in governance as well as involved in assessment of management for future analysis purpose. Stewardship helps in information-taking verification in an accurate manner. It reveals demonstration of implied stewardship in case of treating as separate objectives as well as interpretation by the respondents at the same time (Deegan and Unerman 2011). It provides relevant information for fair representation of financial statement figures in final decision-making process. AASB proposes ways for performance management in discharging responsibilities in stewardship. It affects business reporting entity in various cash flow generations. It results in investors analysis for providing capita l for performance management in an overall manner. For example, AASB and Stewardship manages with the company performance in real world scenario. Manager performance relates with discharging stewardship responsibilities for business entity in generation of cash inflows. Management performance interest for potential capital providers Critical perceptive of accounting in providing social and environmental information On critical analysis, it is noticed that disclosure involves bringing social as well as environment information by business organization. It is opined that business organization hesitates in rendering true picture and figures mentioned in the financial statements. Imposition of fines reduced as indicated in the income for taxation. It gains advantages in case of fiscal means of communication for future analysis purpose. Reasons include environmental accidents as well as tendency for avoiding remedial costs for the same (Barnett 2012). Information regarding environment helps in providing business as in case of loss for subjective environmental disruptions on an adverse manner. It requires depiction ways in case of penalties and deduced taxable income for derived fiscal advantage in the most appropriate way. It reveals social as well as environmental information for loosing trust in case to stakeholders and portraying ethically and environmental responsible. Arguments for supporting the view those companies provide an optimal level in case of social and environmental information It is important to understand the fact that absence of information would lead to company devastating impact in every form. Regulations mandate ways for providing environment as well as social information in acting for bringing compulsion in disclosing details in an overall manner. In case of mining firm, it is noticed that operations takes place in an isolated area for wastage of oil and leading extraction. It requires proper disposal of waste in absence of regulatory measures like environmental regulations (Albrecht, Stice and Stice 2011). It mandates companies for following appropriate methods for disposable wastes on an adverse manner. It needs dumping waste anywhere in the river without even thinking of inhabitants as well as posing ethical irresponsible. It measures loss in monetary terms as well as negotiation loss for bearing costs in social wealth for future analysis purpose. Reference List Albrecht, W., Stice, E. and Stice, J. (2011).Financial accounting. Mason, OH: Thomson/South-Western. Barnett, K. (2012).Accounting for Profit for Breach of Contract. Oxford: Hart. Deegan, C. and Unerman, J. (2011).Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education. Devi, S. and Hooper, K. (2011).Accounting in Asia. Bingley: Emerald. Duska, R., Duska, B. and Ragatz, J. (2011).Accounting ethics. Chichester, West Sussex, U.K.: Wiley-Blackwell. Dyckman, T., Magee, R. and Pfeiffer, G. (2011).Financial accounting. [Westmont, Ill.]: Cambridge Business Publishers. Feldmann, D. and Rupert, T. (2012).Advances in accounting education. Bingley, U.K.: Emerald. Freeman, R. (2011).Governmental and nonprofit accounting. Boston: Prentice Hall. Glautier, M., Morris, D. and Underdown, B. (2011).Accounting. Harlow, England: Financial Times/Prentice Hall/Pearson. Hendriksen, E. and Van Breda, M. (2012).Accounting theory. Homewood, IL: Irwin. Libby, R., Libby, P. and Short, D. (2011).Financial accounting. New York: McGraw-Hill/Irwin. Riahi-Belkaoui, A. (2012).Accounting theory. San Diego: Harcourt Brace Jovanovich. Schroeder, R., Clark, M. and Cathey, J. (2011).Financial accounting theory and analysis. Hoboken, NJ: Wiley. Scott, W. (2011).Financial accounting theory. Toronto, Ont.: Pearson Canada. Scott, W. (2012).Financial accounting theory. Toronto: Pearson Prentice Hall. Shim, J., Siegel, J. and Shim, J. (2012).Financial accounting. New York: McGraw-Hill. Spiceland, J., Thomas, W. and Herrmann, D. (2011).Financial accounting. New York: McGraw-Hill/Irwin.